India’s forex kitty declines by $2.2bn to $584.2bn

Mumbai: India’s forex re serves dropped by $2.2 billion to $584.2 billion for the week ended April 21, the Reserve Bank said on Friday In the previous reporting week, the overall kitty had risen by $1.7 billion to $586.4 billion.

It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The re- serves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments.

India's forex kitty declines
India’s forex kitty declines

For the week ended April 21, the foreign currency as- sets, a major component of the reserves, decreased by $2.1 billion to $514.5 billion, ac- cording to the Weekly Statistical Supplement released by the RBI.

Expressed in dollar terms, the foreign currency assets include the effect of appreciate- tin or depreciation of non- US units like the euro, pound and yen held in the foreign ex- change reserves.

The country’s reserve position with the IMF was down by $14 million to $5.2 billion in the reporting week, the apex bank data showed.

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